U.S Parking Investment - Charleston Park & Go
Upon the fifth anniversary of the Effective Date, the Purchaser may elect to require the Company to repurchase all, but not less than all, of the Purchaser Units subscribed hereunder, together with the TIC Interests corresponding to such Purchaser Units, then held by the Purchaser, by delivery of written notice of such election (a “Repurchase Notice”) to the Company (the “Repurchase Right”), investors will have the option to request Park & Go to repurchase their Investor Units and corresponding TIC Interest for the original purchase price of $40,000 per Investor Unit.
This repurchase option must be exercised by the investor within 30 days of the fifth anniversary of the effective date of the Subscription Agreement for the repurchased interest. During the period beginning on the first anniversary of the Effective Date and ending on the day immediately prior to the fifth anniversary of the Effective Date (the “Discretionary Repurchase Period”), the Purchaser may request the Company to repurchase all, but not less than all, of the Purchaser Units subscribed hereunder, together with the TIC Interests corresponding to such Purchaser Units, then held by the Purchaser for an aggregate purchase price of $32,000 per Purchaser Unit and corresponding TIC Interest. Alternatively, investors may sell their interests or request that Park & Go arrange for the resale of their interests.
Any proposed transaction for the transfer of an investor’s interests, whether arranged by the investor or through Park & Go, must meet the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), or be made pursuant to an exemption from the registration requirements of the Securities Act, if available. Any proposed transfer must comply with all applicable legal requirements, including all state, local and foreign securities laws. All transfers will be subject to Park & Go’s approval.
About Park & Go
Founded in 2001, Park & Go has been the only major off-airport parking lot located at Charleston International Airport. For over 17 years, revenue has increased year on year as a result of competitive prices and 5-star parking management services.
The business itself has retained a mature and stable customer base overtime with 5-star customer reviews across all online platforms including Facebook, Groupon and Google Maps.
Park & Go is the only off-site airport parking provision outside of Charleston International Airport and will be increasing occupancy from 250 to 550 by acquiring the two borderline plots. In addition to this 120% increase in occupancy, we will also be increasing parking lot price points to further increase revenue generation. This expansion will not incur any addition staffing, which keeps the expenses stabilized while increasing revenues significantly.